“In 2009 and 2010, individuals can receive a tax credit of up to $2,500 of the cost of tuition and related expenses paid during the tax year.”

First-Time Homebuyer Credit—This credit amends the Housing Recovery Act of 2008, which provided a tax “credit” to first-time homebuyers that had to be repaid to the federal government over a period of 15 years. The new credit, which has been raised to $8,000, does not have to be repaid as long as the home is not sold within three years. The credit is phased out for individuals with AGI between $75,000 and $95,000 ($150,000 – $170,000 MFJ).

Interactive In-House Training From the Webinar Learning Network

Speaker Laurie Stillwell   The 2009 Economic Stimulus Bill – A CPA Perspective Webinars and Audio Conferences At these convenient webinars and audio conferences, we cover a number of key issues in taxation of individuals and business entities that your firm will need to know about for busy season. You need practical, working knowledge of the most recent taxation laws—including, of course, the latest on the American Recovery and Reinvestment Act of 2009—and that is our focus during these virtual events! Click the play button on the right to listen to a short clip from a past audio conference. Click here for more information and schedules.

To qualify, individuals must have either: 1) never owned a home before or 2) not owned or co-owned a home during the three years preceding the closing date. The home must be used as a principal residence—and beware: individuals who sell, transfer or stop using the home as their primary residence may trigger a recapture of the entire remaining unpaid balance of the refundable credit.

American Opportunity Tax Credit—The Act renamed the HOPE education credit and expanded tax breaks for college education. In 2009 and 2010, individuals can receive a tax credit of up to $2,500 of the cost of tuition and related expenses paid during the tax year. It is available to cover the first four years of post-secondary education in a degree or certificate program, with 40 percent of the credit refundable. The credit is phased out for individuals with AGI between $80,000 and $90,000 ($160,000 – $180,000 MFJ).